
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
The market sentiment is mixed today. How to trade in such an uncertain environment?
EUR/USD formed the head and shoulders pattern on the 4-hour chart. If the price falls below the neckline support at 1.1200, it will drop even further after that. Also, the MACD indicator signals the bearish prospect for EUR as it went below zero. Otherwise, if the price crosses the left shoulder's high of 1.1350, it will open doors towards new highs near 1.1400.
S&P 500 has been climbing up the fourth day straight. Now it meets the resistance at 78.6% Fibonacci level at 3135. The move above this line will set a further bullish trend. The next resistance will be at 3230. Nevertheless, if the price drops below the key psychological support at 3000, it may fall even deeper to 2930. Watch closely!
Gold is trading near $1730 last days. There are no huge price movements because market participants are hesitating as both risk-off and risk-on factors weigh a lot. On the economic side, the second round of Fed’s Chairman Jerome Powell and the US housing data can give additional hints to gold traders. The resistance is at 1750. Support levels are 1715 and 1700.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
Credit Suisse's collapse is in focus. What are the consequences of this problem? Let's discuss it here.
Consumer Price Index, Existing Home Sales, US Fed rate decision - all of these things we will discuss in our new review. Don't miss it out!
The RBA and the Bank of Canada will add volatility to the AUD and the CAD, while USD is expected to be boosted by the Non-farm payrolls.
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